The Market Monitor Minding the Nation's Business
The renewable energy arm of the Aboitiz Power Corp. has secured fresh loans worth up to P3.7 billion to fund the setting up of a solar power plant in San Carlos City, Negros Occidental.
Aboitiz Renewables, Inc., which is the holding company of Aboitiz Power, entered into a loan agreement with the country’s top universal bank, BDO Unibank.
Aboitiz Renewables recently-formed San Carlos Sun Power Inc. (Sacasun) which is a joint venture with SunEdison Philippines Helios BV represented Aboitiz Power in signing an Omnibus Loan and Security Agreement with BDO.
The proceeds of the loan will be used to finance the construction, development, and operation of Sacasun’s 59-MW solar photovoltaic power generation facility located at San Carlos City, Aboitiz said.
On December 7, SN Aboitiz Power-Magat Inc. got the Energy Regulatory Commission’s approval for the issuance of a certificate of compliance (COC) for all four 90-megawatt (MW) units of the Magat Hydroelectric Power Plant (Magat HEPP).
Aboitiz said the certificate, with a validity for five years, signifies Magat HEPP’s compliance with the requirements under the 2014 revised rules for the issuance of certificate of compliance for generation companies, qualified end users and entities with self-generation facilities, the Philippine Grid Code, Philippine Distribution Code, Wholesale Electricity Spot Market Rules and related laws and regulations.
SN Aboitiz PowerMagat, a joint venture of AboitizPower’s subsidiary Aboitiz Renewables, Inc. and SN Power Invest Netherlands BV, is the owner and operator of the 360-MW Magat HEPP located at the border of Ramon, Isabela and Alfonso Lista, Ifugao.
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